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India likely to sign defence contracts worth USD 41.99 bn: Report

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A file photo of F-18 Super Hornet.

BANGALORE (PTI): In order to meet its ever growing security needs, India is likely to sign defence deals worth USD 41.99 billion in the next few years, a report said Thursday.

The growth of the Indian defence sector and the total monetary worth of the military deals to be signed were released in a report here by Confederation of Indian Industries (CII) and KPMG on the second day of the Aero-India 2011.

The report 'Unlocking the potential of the Indian Aerospace and Defence Industry', assessing global opportunities and success factors which have turned India into a participant in the global aerospace and defence sphere, was released by Minister of State for Defence M M Pallam Raju.

"In past 48 months, Ministry of Defence has signed deals worth approximately USD 24.66 billion with global integrators," the report stated.

It also stressed upon the need to address issues related to integration of supply chain, proper funding and acquisition of advanced technologies to reduce dependence on imported hardware and technology.

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